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LITTLETON, MA-One of northwest Boston’s few examples of modern industrial space has been sold to a partnership of Condyne LLC and Prudential Real Estate Investors. PR Littleton Expansion LLC has paid GFI Partners $22.2 million for 1-3 Distribution Center Circle, which encompasses 240,000 sf of existing space and rights to construct another 600,000 sf over a three-phase build out.

“We think it’s a good deal for both sides,” says CBRE/New England principal Christopher Angelone, who represented the seller along with CBRE principals Gary Lemire and Robert Gibson. The complex has been on the market since earlier this summer has generated substantial interest, Angelone says. “This is a state-of-the-art building and they are very attractive right now,” he notes.

The building offers features like 32-foot clear height ceilings, metal halide lighting and an ESFR sprinkler system. There also is a loading dock ratio of one per 8,000-sf leased and column spacing of 40-by-50 feet to enhance building efficiency. Access to Interstate 495 and the Massachusetts Turnpike also is a plus, Angelone says citing the location along Route 2A near the New Hampshire border.

The physical attributes of the Littleton Distribution Center would be familiar to Condyne LLC, a Massachusetts-based firm whose specialty is construction of high-bay distribution and warehouse space. The company has been especially active in southeastern Massachusetts this decade, having developed some of that area’s largest industrial product. Condyne more recently has stepped up its investment activity as well, having joined with Prudential earlier this year in securing a 33.5-acre office/industrial development in Fall River for $23 million. This summer, Condyne and Dead River Properties purchased three flex buildings in Norton and 123 acres from the Flatley Co.

Given that most of Greater Boston’s industrial product is in the southern tier, the Littleton purchase gives Condyne and Prudential a substantial slice of the high-end market for the northern region. The chief tenant at Littleton Distribution Center in Plastipak leases 120,000 sf. Although CBRE would not discuss financial aspects of the property, one document obtained shows the estimated yearly net operating income at $2.48 million, a level excluding that which could be generated from the future build out. “That won’t take long,” one industry observer predicted of the subsequent phases moving forward, citing Condyne’s pro-active development approach.

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